A Law That Would Protect People From Student Loan HellSubmitted by meekandmild on Wed, 02/12/2014 - 20:16
Many well-intentioned graduates can't afford to pay off their student loans because of the sour economy. They are being sacked with debt and penalties that outweigh their best efforts to keep up.
Unlike other forms of debt, in the case of student loans, basic consumer rights like bankruptcy protection don't apply to those who default. Instead, everyone from recent college graduates to the older underemployed who can't afford to pay is subject to garnished wages and other income in the name of paying for higher education with an increasingly high price tag. Unresolved student loan debt in the United States now surpasses $1 trillion.
That’s where the bill proposed by Rep. Frederica Wilson, D-Fla., the Student Borrowers Bill of Rights Act, H.R. 3892, comes in as a possible solution.